Verizon's Third-Quarter Profit Rises on Strong Sales

CNBC.com

Monday, 27 Oct 2008 | 7:46 AM ETCNBC.com

SHARES

Verizon's profit rose in the third quarter to an adjusted 66 cents per share, in line with expectations and higher than 63 cents per share in the same period last year, on strong sales, the company said Monday.

Diluted earnings per share were 59 cents, higher than 44 cents a year ago, while quarterly revenues rose by 5.4 percent to $24.8 billion.

Cash flows from continuing operations were $19.1 billion through the first nine months of 2008, up 5.9 percent compared with the same period last year, Verizon said in a statement.

Capital expenditures were $12.6 billion through the first nine months of 2008, down more than $200 million over the same period last year.